The global Astaxanthin Market size is
expected to reach USD 6.90 billion by 2030, set to grow at a 17.2% CAGR from
2023 to 2030, according to a new report by Grand View Research, Inc. The
increasing demand for nutraceuticals and growing applications of carotenoids in
the animal feed industry & aquaculture are the major factors driving the
market growth. Moreover, the rapidly aging population and the growing health
awareness among consumers are likely to support market expansion.
The market is anticipated to witness growth
opportunities owing to growth in the aquaculture and fishing sectors. For
instance, Germany is expanding its fish production and according to the federal
statistical office of Germany, the country produced around 18,300 tons of fish
in 2021. The growth in the aquaculture sector across the globe is likely to
propel the demand for astaxanthin as the pigment helps to boost the immunity of
animals and enhance the pigmentation of aquatic animals, such as ornamental
fish, and rainbow trout.
Moreover, the market growth is also fueled by various
research & development activities to increase the adoption of astaxanthin.
For instance, in December 2021, AstaReal and the University of Tsukuba
announced a new patent and research showing that the astaxanthin molecules
modulate the genes of the brain involved in neuron formation, memory, and
learning. Moreover, in July 2020, Russian and German university scientists from
SPbPU and TUHH announced a collaboration to enhance the production of
astaxanthin for its antioxidant application.
Moreover, increasing studies related to the health
benefits of natural astaxanthin are expected to increase the market uptake. For
instance, in August 2022, a study published by the American Journal of Clinical
Nutrition stated that krill oil can help manage stiffness, knee pain, and
physical function in adults with osteoarthritis & knee pain between the
ages of 40 and 65 years.
In addition, owing to the high demand for astaxanthin
in international markets various leading players are strengthening their supply
chain capabilities to make their products available. For instance, in July
2021, Atacama Bio Natural Products S.A. signed an exclusive distribution
agreement with Guangzhou Carelife Food Additives Co., Ltd. to promote its
distribution network in China. Moreover, in June 2022, Pharmactive Biotech
Products partnership with Singapore-based Nutraconnect to introduce
scientifically backed novel nutraceuticals into the Asia Pacific market.
Furthermore, supportive regulatory policies and
increasing approval of products are driving the industry’s growth. For
instance, in July 2021, NextFern Technologies received regulatory approval for
its Astafern from Health Canada. Astafern is an innovative fermented
astaxanthin antioxidant in form of gummies. In addition, the government has
undertaken supportive registration requirements for carotenoid-based coloring
agents and mixed feeds containing carotenoid-based coloring agents.
Related Press Release@ Astaxanthin Market Report
Astaxanthin Market Report
Highlights
- Based on product, the dried algae meal or biomass segment accounted
for the largest share in 2022 due to the high usage as animal feed and
lower cost of production
- The aquaculture & animal feed segment was the highest revenue
contributor in 2022. Whereas, the nutraceuticals segment is expected to
exhibit the fastest CAGR during the projected period
- The Asia Pacific region is expected to grow at the fastest rate
over the forecast period due to the rising investments by market players
and increasing research activities in the region
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in San Francisco. The company provides syndicated research reports, customized
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